Hi Lee,

As discussed on WhatsApp, I said I'd approach a couple of SIPP providers to find out what appetite they'd have for the bond and what the process would look like. Before I do that, I wanted to make sure I properly understood the landscape, so I've done some research into how SIPP providers assess this type of investment. I've put together a briefing note with what I've found.

SIPP Briefing: afx-bonds-meowsehl.manus.space/sipp-briefing

Private & confidential, internal use only.

The short answer is yes, there are SIPP providers that accept this type of investment, but it's not straightforward. The bond will almost certainly be classified as a non-standard asset, which means enhanced due diligence and capital adequacy costs for the provider. That said, the fact that the notes are listed on the Vienna MTF with an ISIN and clear through Euroclear puts them in a stronger position than most products in this space. The briefing covers the full picture including which providers are worth looking at.

One thing that came up during the research: the draft term sheet from Dillon Eustace references a 12-month lock-up period, but I understand the actual notice period for the notes is 30 days. If that's right, it makes a big difference. A 30-day notice period meets the realisability threshold that most SIPP providers use when assessing investments and would remove one of the biggest potential objections. Worth confirming so it's clearly stated in any documentation.

I haven't approached any providers yet. I wanted to get properly prepared first and make sure we're both clear on what the process involves and what questions will come up. Have a read through the briefing and let me know your thoughts. Once you're happy with the position, I'll go and have those conversations.

Kind Regards,